L.A. real estate news and insights.
Home buyers who paid cash accounted for 32% of home sales in January, marking the highest rate since 2014, the National Association of REALTORS® reports. Many leveraged the equity from a prior home sale.
Only 6% of first-time home buyers made a cash purchase in 2023 compared to 26% of repeat buyers.
There were a total of 10,887 homes on the market in January in LA County. This includes both new listings and homes that remain on the market unsold.
That was 13% below a year earlier, but an improvement from the 26% annual decline recorded in September.
Source: Zillow
Contact me for pictures.
According to the Zillow Home Value Index, home values fell in Los Angeles 0.1% between December 2023 and January 2024. Prices going down over the holidays is really no surprise as it tends to happen every year. 0.1% is far less than what I have seen in past holiday seasons.
Year over year LA home values are up 7.4%.
Some real estate experts are predicting home values could go up as much as 5% by the end of 2024.
There were 63 property sales in Burbank for September 2019.
There were 67 property sales in Burbank for July 2020.
It's time to retire my "For Sale" signs that I have had for the last 13 years.
I hope these new signs will be as good to me as the last signs were.
The cheapest home to sell this week in West Hills comes with a catch.
There were 53 property sales in Burbank for June 2020.
The California housing market rebounded in June with its largest month-to-month sales increase in nearly 40 years.
Reversing a two-month consecutive drop below 300,000 units caused by the coronavirus pandemic, June’s sales total climbed 42.4 percent from 238,740 in May and was down 12.8 percent from a year ago, when 389,730 homes were sold on an annualized basis.
The month-to-month increase was the largest since C.A.R. began reporting monthly sales in January 1979.
Source: California Association of Realtors
Move-in ready homes are still very high in demand, but with the housing inventory being tight, buyers are not so quick to dismiss those homes that need a little more TLC as they have done so in the past.
If you have time to oversee the remodel, have cash on hand to pay for the remodel, and are up for the challenge, I suggest getting a fixer-upper.
That is how you build wealth in real estate.
There were 26 property sales in Burbank for May 2020.
Economists polled by Reuters were expecting pending contracts to jump by 18.9% in the US... they were off by a mile!
National pending home sales soared 44% in May after falling 22% in April, according to new data released by the National Association of Realtors—it’s a strong indicator that the worst of the coronavirus recession may be over for the housing market.
May’s gains are the highest month-to-month since the National Association of Realtors started tracking the data in January 2001.
I'm happy to report that I was able to contribute to this recovery by selling a few homes since the start of the pandemic.
I believe this bounce back in the housing sector will lead the way for a broader economic recovery.
Do you think interest rates will continue to go down?
My father was selling real estate during the late 1970s when interest rates for a mortgage loan were at 18%.
I recently sold a home where my client got a 3.125% interest rate on their mortgage loan.
Read those two lines again.
